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Loan principal
Mortgage & Home Loan Payment Calculator
Estimate the monthly principal-and-interest payment on a repayment mortgage. Enter the home price and down payment to find the amount borrowed, then choose your own annual interest rate and loan term. Property taxes, insurance and other housing costs are not included.
Please check your inputs — down payment can't exceed home price.
Monthly payment
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Total interest
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Total payment
How to Use the Mortgage Calculator
- Enter the home price and down payment; the calculator subtracts the down payment to find the loan amount.
- Input the annual interest rate and loan term in years.
- Calculate monthly principal-and-interest payment and total interest.
- Try different rates or terms before speaking with a lender.
Type the home price and your down payment. The calculator subtracts the down payment to find the loan amount, so leave that box empty if you are borrowing the full price. Enter the yearly interest rate your lender quoted and the loan term in years. Then change the term, for example from 30 years to 25, to see how the monthly payment and total interest move.
Mortgage Calculator Formula Explained
Standard Amortizing Loan Payment Formula
Monthly payment M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is principal, r is monthly interest rate (annual rate ÷ 12), and n is number of monthly payments (years × 12). Each payment covers interest on the remaining balance first; the rest reduces principal. Early payments are interest-heavy; later payments are principal-heavy. Total interest is (M × n) − P.
The calculator divides the yearly rate by 12 to get the monthly rate and multiplies the term by 12 to get the number of payments. A rate of 0% splits the loan evenly across all payments. The result covers principal and interest only. It leaves out property tax, insurance, lender fees and any change in rate after a fixed period, so a lender’s quote can be higher.
Mortgage Calculator Example Calculation
A €280,000 mortgage at 3.5% over 25 years has a lower monthly payment than the same loan over 20 years, but total interest paid is higher on the longer term. Figures here are principal and interest only; local property tax and insurance vary by country and lender.
Worked example: a home costs €350,000 and you pay €70,000 down, so the loan is €280,000. At 3.5% over 25 years (300 payments), the monthly payment is €1,401.75. Total payments come to €420,523.80, which means €140,523.80 in interest. Over 20 years the payment rises to €1,623.89, but total interest falls to €109,732.93. Enter these figures to check the result against your own.
When to use this tool
Use this when comparing fixed-rate home loan scenarios before speaking with a bank or broker.
Key Features & Benefits of This Mortgage Calculator
- Payment, principal and interest — see the monthly payment, the loan principal, the total interest and the total of all payments.
- Down payment handled for you — it is subtracted from the home price; leave it empty to borrow the full price.
- Compare terms — in the example, 20 years instead of 25 raises the payment from €1,401.75 to €1,623.89 but cuts total interest from €140,523.80 to €109,732.93.
- Principal and interest only — property tax, insurance and lender fees are not included, so a lender’s quote can be higher.
- Instant, free and private — runs entirely in your browser, no sign-up, nothing stored.
Good to know
Stress tests and affordability checks used by lenders may assume higher rates than today’s offer. Keep a buffer beyond the minimum payment shown here.
Mortgage Calculator — FAQs
Does this include property tax and insurance?
No. The figure is principal and interest only. Escrow items vary by location and lender and should be added for a full housing-cost estimate.
What happens if I make extra payments?
Extra principal payments reduce the balance faster, cut total interest and can shorten the term. The calculator assumes the contractual schedule only.
Is a 15-year always better than a 30-year?
A shorter term usually means higher monthly payments but far less total interest. Affordability and cash-flow needs decide which is appropriate.
Is a home loan calculator the same as a mortgage calculator?
For a standard repayment home loan, the payment formula is the same. This tool estimates principal and interest using the price, down payment, constant interest rate and term you enter.
Can I enter only the mortgage amount?
Yes. Enter the amount borrowed as the home price and leave the down payment at zero. Do not subtract the down payment a second time.
Sources and review
Sources last checked: . These sources give the background for this calculator. They are general information, not financial advice.
- Your Europe: Mortgage loans and credit in the EU: the standardised information sheet (ESIS), the annual percentage rate of charge (APRC), at least 7 days to assess an offer and early repayment.
Compare mortgage terms on the same loan
The following examples use a home price of 250,000, a down payment of 50,000 and a constant 5% annual rate. The amount borrowed is 200,000. The rate is a fictional input, not a lender offer.
| Term | Monthly principal + interest | Total interest |
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| 15 years | 1,581.59 | 84,685.71 |
| 20 years | 1,319.91 | 116,778.75 |
| 30 years | 1,073.64 | 186,511.57 |
A longer term spreads repayment across more months. This lowers the regular payment in this fixed-rate comparison but increases the total interest. Values are calculated before rounding the displayed monthly payment.
Monthly mortgage payment versus total housing cost
Budget separately for any property tax, building or homeowners insurance, mortgage insurance, maintenance and association charges that apply. The calculator does not determine which costs your lender collects. The CFPB explains why principal and interest can be lower than the total monthly mortgage payment.
This model assumes a constant rate and monthly repayments throughout the term. It does not simulate a changing reference rate, an interest-only period, refinancing or extra payments. Use the Loan Calculator for a monthly repayment schedule.